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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Feb. 8, 1960)
HERALD AND NEWS. Klamath Kails. Ore: Mondav, Feh. R. IfifiO PAGE SEVEN Rule Has Not Changed In Rise, Fall Of Bonds KfcW YORK (UPI) In the ordinary course of things eco nomic, bonds tend to decline when money rates rise, and rise when money eases. That rule hasn't changed, but the prospect of a cut in interest rates of a size sufficiently large to do the trick of raising bond prices is in doubt. Edmond du Pont, senior partner of the New York Stock Exchange firm of Francis I du Pont It Co., brings out that situation in the leading article in the firm's new monthly publication "Investor news." Writing on the subject "Tight money and the dollar: A dilem ma," Du Pont traces the various factors leading up to the decline in bonds, and notes: "L'p until recently, it has been customary to assume that bond prices would drop during periods when the Federal Reserve was keeping a tight rein on credit, but that the losses would be re covered later when the banking authorities found it once again advisable to make money easy. "Now, however, doubts have arisen that this is necessarily true." GRANGE NEWS , Members of the Midland Grange Home Economics Club planned for no-host potluck dinner to be served at 6:30 p.m. at grange open house February 17, during their meet ing Tuesday at the home of Elea nor Sukrow. J Guests present were Mrs. Rosa Benoist, Dorothy Brown and Nelly Irmen. Fifteen members also were present. Alice Hoover, club chairman, presided. All officers were present. Chaplain Laura Walker read from the Scriptures to open the meet ing. Mrs. Hoover appointed Mrs. El eanor Sukrow to assist Mrs. Nel lie Motschenbacher in her work with the Display Table Commit tee. . Year books were distributed and filled with the program for the year. A letter from Mrs. Mot schenbacher, who, with her hus band, Lawrence, is spending sev eral weeks in California, was read to the membership. ; Members also made plans for a public ham dinner to be served at Midland Grange Hall March 19 from 5 until 8 p.m. as a money taising project for the Grange building fund. Mildred Largent reported on ef forts (o secure material for altar fcloths. She gave tribute to Mrs Sukrow, past club president, -and presented her with a pin. Mrs. Sukrow served a luncheon. Next meeting will be March 1 at 1:30 p.m. at the home of Mrs. Alex Cammock,.2042 Vine Avenue. These doubts, Du Pont says, are inspired by the shift of inter national payments against the United States, resulting in a con tinuing loss of gold. Here is how it works: Foreign ers build up dollar balances which if directed through their govern ments could make even greater inroads into our gold supply. The way to stem this gold out flow is to make investment in our securities alluring enough through higher rates of interest. These higher returns will divert investment from the gold hoard to our securities. Now it appears the Federal Re serve has a bear by the tail and it can't let go." Here is how Du Pont puts it: "Our present scale of interest rates is proving at least partly successful in coaxing foreign bal ances to stay put. But that raises companion problem. "However optimistic we may be about business prospects for 1960, we must expect a business let down sometime in the future. When that recession comes, the Federal Reserve ordinarily would be expected to move quickly to make money more plentiful. Inter est rates in turn, would come down. However, with the Federal Re serve helping the Treasury defend the dollar, easing credit may prove impractical. 'To ease money and lower in terest rates especially if interest rates were high abroad would encourage money to flow out of the United States for investment elsewhere. "In short, the gold drain would be renewed and would be quite impossible to stop without imped ing business recovery at home." Du Pont concludes his article with a suggestion that the be lievers in the so-called modern economics think through once again the answer (o the question: 'Are you quite sure that we have tamed the business cycle?" The new Du Pont "Investor- news is a 24-page booklet about the size of the stock exchange's monthly publication, "The Exchange." Back in 1929, the cry was that investors were improperly in formed. That can't be said today. Just now the investor can accu mulate top-notch information on almost any corporation or market subject and most of the publications are free. Q1M0 b? NA. he. T.M. Rtf, U PtL Oft ( ; ; 2J1 Tie-In Found In Air Tragedies WASHINGTON (UPI) Civil Aeronautics Board (CAB) has found three small but possi bly significant pieces of wreck age from a National Airlines DC- 6B that crashed Jan. 6 near Boliv ia, N. C, killing all 34 aboard. One piece an ice light from the right wing was located at the spot where searchers pre "Quit being a pest or I'll squirt you , with perfume again!" Theiviously had found the body of crash victim Julian Frank, West port, Conn., lawyer who was cov ered by $887,000 worth of insur ance. The other wreckage, a piece of window plexiglass and a window curtain, were found a short dis tance away. Antarctica Was Fertile. Report Soviet Scientists WASHINGTON UPD - Soviet scientists have reported discover ies which suggest that now-frozen Antarctica was a fertile continent 200- to 300 million years ago. Together with finds- of other sci entists, the new evidence indicates that the South Pole continent was warm once and received consider ably more sunlight than it gets now. , This suggests to some scientists that the various continents shifted their relative positions on the earth's face in the remote past or that there was a change in the planet's axis of rotation. TOUCHES OFF BLAST VIENNA (UPI) A next door neighbor smellcd gas coming from the apartment of Gabriel Slciner, 25, Monday and rang the doorbell to investigate. The spark from the bell touched off an explosion that injured 13 persons in the building and shattered hundreds of win dows. Slciner was found dead of as phyxiation with a suicide note be side him telling of an unhappy love affair. John Howard Payne's famed song, Home Sweet Home, was part of an opera, "Clari, or the Maid of Milan." An article published in Kiev, liussia, and distributed in trans lation here by the commerce de partmcnt discusses what its auth ors called the "first find of an cient spores in Antarctica." ten kinds of spores, proving past existence of fern-like plants. plus unidentified fragments of plant tissue were discovered in ancient antarctic rock formations believed to be 200 to 300 million years old. Scientists here were interested in the Russian report but took ex ception to the Soviet claim that Russia was first to discover plant remains near the South Pole. It was recalled that Swedish explor ers found traces ol ancient vege table matter in Antarctica back in 1901. More recently New Zealand and Australian scientists have found a variety of spores and plant pollen in Antarctica. Dr. Lucy M. Cramwell of New Zealand last year reported evi cence, perhaps 00 million years old, that forests once grew in Antarctica like those common now in southern South America. Dr. George Llano. 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